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"The Persona users are trapped in a world of movies. And a girl is the one who holds the key…? In Mementos, the Morgana Car suddenly goes out of control!? Sucked into a mysterious space, the Phantom Thieves arrived at a mysterious town where unknown enemies wander about. Barely managing to escape, the Phantom Thieves ended up lost in a movie theater without an exit.

And then Nagi, a black-haired, white-clothed woman they met at the movie theater, and Hikari, a downcast-looking girl, informs them that they just came out of a movie. Labyrinth-like movie worlds. And in the movies, they encounter those who possess the same powers to guide them.

Unlike in the previous game, Persona Q, there will be no route selection based on the characters from which Persona game the player wishes to follow; Persona 5's cast will automatically be the focus. By focusing on P5, the relationship between characters and the story could be improved and have more of a focus instead of separating the story into two paths. Encounters between the characters are linked to Persona Q: Shadow of the Labyrinth.

The protagonists of Persona 3 and Persona 4 are not in the story, nor available to use in battle, at the start of the game. The Persona 3 protagonists will be be present at the same time, crossing over in the same story later on in the game. The Persona 4 protagonist and characters will appear before the Persona 3 protagonists and characters. The female protagonist of Persona 3 Portable will be significantly involved in the story. Unlike in Persona Q, or any Persona game for that matter, a protagonist character will not be required in battle unless in the hardest difficulty. The original characters for Persona Q2 will have a different role from participating in battle.

A mechanic originally in Persona Q is being brought back, which involves no protagonist having the power of the Wild Card because of the distortion of the new world; rather all party members will be able to be equipped with a second persona (Sub-Personas), which can be summoned in battle.

Because the game’s story is centered on the protagonists of Persona 5, the battle background music is P5 themed at the beginning. However, as members of Persona 3 and Persona 4 join the party, the variations in music will change.

Unlike in Persona 5 where Shadows appear like their Persona counterparts, they appear as Arcana Shadows in this game.

During battle, certain characters can initiate a Unison attack, which seems similar to a mechanic in Persona 4 Golden where certain characters can perform a follow up attack after an All-Out Attack.

Hikari: A young girl with short white hair dressed in black. Because she is not good at communicating with people, she stays at Nagi's side. She is voiced by Misato Fukuen.

Nagi: The manager of the movie theater who is suddenly trapped in the cinema with Hikari. She is voiced by Kikuko Inoue.

Doe: A strange creature resembling a Shadow in the projection room. It shows movies to Hikari and Nagi but its purpose is a mystery. It never talks, even when spoken to. Doe is voiced by Kazuhiko Inoue.